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Debt | 3 Months Ended
--- | ---
Dec. 31, 2024
Debt Disclosure [Abstract] |
Debt | Note 9 - Debt
|  | December 31, 2024 |  | September 30, 2024
|  | Interest Rate |  | Maturity Date |  | Carrying Value of Debt(6) |  | Carrying Value of Debt(6)
Revolving Credit Facility(1) |  | 6.21 | % |  | Nov 2027 |  | $ | 51,000 |  |  | $ | 56,000 |
Avondale Term Loan(2) |  | 6.60 | % |  | May 2028 |  | 28,169 |  |  | 28,390 |
Lisle Term Loan(3) |  | 6.55 | % |  | Apr 2029 |  | 36,710 |  |  | 36,929 |
Finance lease(4) |  | 6.02 | % |  | Jan 2029 |  | 4,546 |  |  | 4,768 |
Total debt |  |  |  |  |  | 120,425 |  |  | 126,087 |
Debt issuance costs presented with debt (5) |  |  |  |  |  | (360) |  |  | (383) |
Total debt, net |  |  |  |  |  | 120,065 |  |  | 125,704 |
Less: current portion of long-term debt |  |  |  |  |  | (2,738) |  |  | (2,697) |
Long-term debt |  |  |  |  |  | $ | 117,327 |  |  | $ | 123,007 |
(1) Interest on the Revolving Credit Facility (as defined below) accrues at an annual rate equal to Term SOFR plus a margin of 1.85%. (2) Interest on the Avondale Term Loan (as defined below) accrues at a rate equal to one-month Term SOFR plus 2.0% and a tranche adjustment of 0.046%. (3) Interest on the Lisle Term Loan (as defined below) accrues at a rate equal to one-month Term SOFR plus 2.0%. (4) The finance lease is related to a facility lease with an annual interest rate of 6.02% that matures in 2029. See Note 7 for additional details on our finance lease. (5) The unamortized debt issuance costs relate to the Avondale Term Loan and the Lisle Term Loan. (6) The Revolving Credit Facility, Avondale Term Loan, Lisle Term Loan and finance leases bear interest at rates commensurate with market rates, and therefore, the respective carrying values approximate fair value (Level 2). Revolving Credit Facility On November 18, 2022, we entered into a $100.0 million senior secured revolving credit facility with Fifth Third Bank (the “Credit Facility” or “Revolving Credit Facility”), which included a $20.0 million sub facility available for letters of credit. On September 26, 2024, we amended the Credit Facility to increase the commitment amount to $125.0 million, extend the maturity date to November 30, 2027, and provide for the option to request an increase of up to an additional $25.0 million, which may be granted at the lender’s discretion to grant such increase. Advances made under the Credit Facility bear interest at an annual rate equal to (i) the Term SOFR rate, (ii) the Daily Simple SOFR rate, or (iii) the Base Rate (i.e., the greater of 3.5% and the lender’s prime rate). In each case that a SOFR rate is selected, an applicable margin that varies from 1.85% up to 2.35%, based on our then-current total leverage ratio, is applied. During the three months ended December 31, 2024, we made payments on the Credit Facility of $5.0 million. The remaining availability under the Credit Facility as of December 31, 2024 was $74.0 million. Avondale Term Loan In connection with the Avondale, Arizona building purchase in December 2020, we entered into a credit agreement with Fifth Third Bank (the “Avondale Lender”) on May 12, 2021 in the maximum principal amount of $31.2 million with a maturity of seven years (the “Avondale Term Loan”). The Avondale Term Loan bears interest at the rate of Term SOFR plus 2.0% and a tranche rate adjustment of 0.046%. Principal and interest payments are due monthly. The Avondale Term Loan is secured by a first priority lien on our Avondale, Arizona property, including all land and improvements. Additionally, we entered into an interest rate swap agreement with the Avondale Lender. See Note 10 for further discussion on the interest rate swap. Lisle Term Loan On April 14, 2022, our consolidated subsidiary, 2611 Corporate West Drive Venture LLC (the “Borrower”), entered into a new Loan Agreement (“Lisle Loan Agreement”) with Valley National Bank (the “Lisle Lender”), to fund the acquisition and retire the prior loan agreement with Western Alliance bank, via a term loan in the original principal amount of $38.0 million with a maturity of seven years (the “Lisle Term Loan” and together with the Avondale Term Loan, the “Term Loans”). The Lisle Term Loan bears interest at a rate of one-month Term SOFR plus 2.0%. The Lisle Term Loan is secured by a mortgage on the Lisle, Illinois campus and is guaranteed by the Company. In connection with the Lisle Term Loan, we entered into an interest rate swap agreement. See Note 10 for further discussion on the interest rate swap. Debt Covenants for our Credit Facility and Term Loans We are subject to certain customary affirmative and negative covenants under the Revolving Credit Facility, the Avondale Term Loan and the Lisle Term Loan, including, without limitation, certain reporting obligations, certain limitations on restricted payments, limitations on liens, encumbrances and indebtedness and debt service coverage ratios. As of December 31, 2024, we were in compliance with all debt covenants. Debt Maturities Scheduled principal payments due on our debt for the remainder of 2025 and for each fiscal year through the period ended September 30, 2029, and thereafter were as follows at December 31, 2024:
Maturity |  | Revolving Credit Facility & Term Loans |  | Finance Lease |  | Total
Remainder of 2025 |  | $ | 1,323 |  |  | $ | 712 |  |  | $ | 2,035 |
2026 |  | 1,837 |  |  | 1,029 |  |  | 2,866 |
2027 |  | 52,909 |  |  | 1,131 |  |  | 54,040 |
2028 |  | 26,610 |  |  | 1,239 |  |  | 27,849 |
2029 |  | 33,200 |  |  | 435 |  |  | 33,635 |
Thereafter |  | — |  |  | — |  |  | — |
Subtotal |  | 115,879 |  |  | 4,546 |  |  | 120,425 |
Debt issuance costs presented with debt |  | (360) |  |  | — |  |  | (360) |
Total |  | $ | 115,519 |  |  | $ | 4,546 |  |  | $ | 120,065 |

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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